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in u.s. history. sandy could cause more wind and flood damage than hurricane irene did last year. new york city and especially lower manhattan saw its shares of flooding monday with water reaching record levels in some areas. and speaking of which, cnbc's bertha coombs is live for us outside the new york stock exchange this morning. thank you so much for joining us. can you tell us what conditions are like where you are and what dnlg you' damage you're seeing? >> reporter: it's actually fairly dry. last night in fact the new york stock exchange take to go twitter to dispel rumors that the trading floor was under three feet of water. if you can take a look behind me, the new york stock exchange floor is actually half a floor from the street level where those first balconies are. so for to be under water would be tremendous. we didn't have water in this part of lower manhattan despite that record surge. it was mostly over in the battery. will is significant flooding in several low lying areas especially near rivers. that's on the lower east side. we actually saw a transformer there blow
saw this last year in new york state, for example, when we got the one-two punch of hurricane irene and then the tropical storm lee. so there was quite an uptick in that sort of business. >> ted, thanks. we may catch up again to see how things have hopefully changed. >>> stick around. after the break, we'll find out how the storm could impact the election. the president is getting set to tour new jersey. stay with us for that. >>> we'll leave you with a look at how the futures are trading. the markets are reopening today on wall street. >>> welcome back to "worldwide exchange." >> here are the headlines today. >> super storm sandy leaves a massive path of devastation in its wake, and residents up and down the u.s. east coast are now starting what could be a long and costly recovery process. >> but it is back to business for the financial markets in the u.s., they're going to reopen after a few days. it may not be so easy as new york's mass transit system is still snarled. >>> plus, the force. disney has agreed to buy lucas films for $4 billion and promises a brand-new "star wars" fi
for hurricane irene, several billion related to that. does it m needle from a macro point of view? >> from the top level, not really so much. obviously the damage has to be paid for and obviously that might mean infrastructure spending. so you take away from with one hand, you gain with the other. obviously different sectors will have different takes and so on. i think the thing we're thinking about at the moment is that the u.s. economy together with the global economy is very fragile. we have low growth if not recession in europe and i think the financial markets are also very fragile, not justs because they're struggling to make gains where you have the tug of war between the core fundamentals versus the central bank liquidity, but volume has been so thin all year and then we have this event which could dry up the volume further. so things are flanragile. >> and low volume means liquid markets and could see dislocations? >> if we see for whatever reason some sort of selling coming into the market with low liquidity, you could see the market can down quite quickly. >> basically whenever
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